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Sweeney named N.J. League Legislator of the Year

ATLANTIC CITY, N.J. (9/22/11)--The New Jersey Credit Union League (NJCUL) Monday named New Jersey State Senate President Stephen Sweeney (D-3) Legislator of the Year during the league’s 77th Annual Meeting and Convention in Atlantic City.

The New Jersey Credit Union League (NJCUL) honored New Jersey State Senate President Stephen Sweeney as its Legislator of the Year Monday. Sweeney (left) accepts his award from NJCUL President/CEO Paul Gentile. (Photo provided by New Jersey Credit Union League)

Sweeney, who represents the Third Legislative District, was recognized for his effort in spearheading the bi-partisan municipal deposit reform legislation signed into law on Aug. 18 to allow credit unions to become eligible depositories for counties, municipalities and school boards. The state’s 40-year-old Government Unit Deposit Protection Act gave banks a virtual monopoly on government banking, and precluded local government entities from utilizing credit unions as depositories. With Sweeney’s lead, legislators paved the way for public entities to seek out the best possible return for taxpayer dollars by allowing New Jersey’s credit unions to serve as eligible public depositories. With the reform, New Jersey’s credit unions will soon be able compete with banks in the $15 billion public deposit market, and public entities will have a new option to consider as they seek out the best yield in these tough economic times. “Senate President Sweeney is a true credit union hero,” said Gentile. “Credit unions will bring new competition to public deposits that will likely drive better returns and ultimately help taxpayers. The passage of the municipal deposit reform legislation is a real victory for not only credit unions, but for New Jersey taxpayers, and Senator Sweeney played a major role in getting that done.”